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DATABOOK FOR THE NORTH WEST

North West Overview

Take up in the North West, reached 8.2 million sq ft in 2023, the market was largely held back by a lack of availability, particularly for better quality units. The demand for “Grade A” space becomes evident when focusing on bigger size range with 89% of take up in units over 100,000 sq ft occurring in “Grade A” units. In the smaller unit size ranges a notable lack of any good quality units have led to take up remaining low as tenants increasingly desire futureproofed units.

Investment volumes were bolstered by the record purchase of Trafford Park & Heywood Distribution Centre reaching the second highest level on record. Strong interest in the region allowed net initial yields to remain stable throughout the year ending at 5.1% in December.

DATABOOK FOR THE NORTH WEST
TAKE-UP BY SIZE BAND ACROSS NORTH WEST (SQ FT)
CURRENT SUPPLY ACROSS NORTH WEST (SQ FT)
INDUSTRIAL INITIAL YIELDS BY GEOGRAPHY
INDUSTRIAL ANNUAL RENTAL GROWTH BY GEOGRAPHY
TAKE-UP BY SIZE BAND ACROSS GREATER LONDON (SQ FT)

Take up fell 20% on the previous year in 2023 with a total of 8.2 million sq ft transacted. Whilst volumes appeared held back by units over 100,000 sq ft this was a return to the normal levels witnessed prior to the pandemic.

Source: DTRE & CoStar

CURRENT SUPPLY ACROSS GREATER LONDON (SQ FT)

Supply remained low through 2023, despite a wave of speculative completions the vacancy rate remained at 4.2%. With very limited construction in the region vacancy will start to fall through 2024.

Source: DTRE & CoStar

INDUSTRIAL INITIAL YIELDS BY GEOGRAPHY

Net Initial Yields remained stable throughout 2023, with MSCI's Quarterly Property Index standing at 5.1% at the end of the year.

Source: MSCI

INDUSTRIAL ANNUAL RENTAL GROWTH BY GEOGRAPHY

Low supply has allowed North West rental growth to remain at the highest level in the UK with MSCI's latest index reporting 9.3% for the year ending December 2023.

Source: MSCI

DATABOOK FOR THE NORTH WEST

Headline Data

The aim of this research is to update the market in real-time with the latest data from the fast-paced and quick moving North West industrial and logistics market, using DTRE’s unique market position to highlight the headline stats and key data points across the region. Below are the headline data points.

£17.50

Highest Achieved Rent in 2023
(Unit 8b Stanley Green Trading Estate)

5.1%

MSCI North West Net Initial Yield in Q4'23

9.3%

MSCI Annual Rental Growth
in Q4'23

4.2%

North West Vacancy Rate
in Q4'23

DATABOOK FOR THE NORTH WEST

Key Data Book

Prime MLI Rent
  • NORTH WEST
    Prime Rent MLI (per sq ft) Q4'23
    Annual Rental Growth Multi Let/Trade Counter (%)
  • Blackburn
    £12.00
    41%
  • Heywood
    £12.00
    41%
  • Rochdale
    £12.00
    41%
  • Oldham
    £12.00
    41%
  • Stockport
    £17.50
    75%
  • Preston
    £12.00
    41%
  • Chorley
    £12.00
    41%
  • Trafford Park
    £17.50
    46%
  • Warrington
    £15.00
    36%
  • Widnes
    £12.00
    41%
  • Speke
    £12.00
    41%
  • Haydock
    £12.00
    41%
  • Bolton
    £14.00
    47%
  • * units of sub 25,000 sq ft

Prime Mid Box Rent
  • NORTH WEST
    Prime Rent Mid Box (per sq ft) Q4'23
    Annual Rental Growth Mid Box (%)
  • Blackburn
    £9.50
    19%
  • Heywood
    £11.00
    38%
  • Rochdale
    £10.00
    25%
  • Oldham
    £11.00
    38%
  • Stockport
    £12.50
    47%
  • Preston
    £9.50
    27%
  • Chorley
    £9.50
    27%
  • Trafford Park
    £13.00
    53%
  • Warrington
    £12.00
    41%
  • Widnes
    £9.50
    27%
  • Speke
    £9.50
    27%
  • Haydock
    £10.00
    25%
  • Bolton
    £12.00
    33%
  • * units of 25,000-100,000 sq ft

Prime Big Box Rent
  • NORTH WEST
    Prime Rent Big Box (per sq ft) Q4'23
    Annual Rental Growth Big Box (%)
  • Blackburn
    £8.50
    21%
  • Heywood
    £9.00
    20%
  • Rochdale
    £8.50
    10%
  • Oldham
    £8.50
    13%
  • Stockport
    £10.00
    43%
  • Preston
    £9.00
    20%
  • Chorley
    £9.00
    20%
  • Trafford Park
    £11.00
    29%
  • Warrington
    £9.50
    23%
  • Widnes
    £8.50
    21%
  • Speke
    £8.50
    21%
  • Haydock
    £9.00
    20%
  • Bolton
    £9.00
    20%
  • * units of 100,000+ sq ft

Key Comparables

  • Date
    Q2'23
  • Type of deal
    Investment
  • Address
    Carrington Gateway, Carrington, Manchester, M31 4RQ
  • Price
    £20,000,000
  • Size
    211,283 sq ft
  • NIY
    5.15%
  • Cap val psf
    £95
  • Purchaser
    Cabot Properties
  • Vendor
    Wain Estates
  • Date
    Q1'23
  • Type of deal
    Investment
  • Address
    Kammac, Warrington 379, Dallam Lane, Warrington, WA2 7NT
  • Price
    £22,500,000
  • Size
    379,111 sq ft
  • NIY
    7.75%
  • Cap val psf
    £59
  • Purchaser
    Hines
  • Vendor
    M&G
  • Date
    Q1'23
  • Type of deal
    Investment
  • Address
    Amazon UK Services Ltd, Logistics North, M61 Junction 4, Bolton, BL5 1DB
  • Price
    £43,500,000
  • Size
    357,974 sq ft
  • NIY
    5.25%
  • Cap val psf
    £122
  • Purchaser
    Amazon
  • Vendor
    Aviva Investors
  • Date
    Q1'23
  • Type of deal
    Investment
  • Address
    Moorland Gate Business Park, Chorley, PR6 9EA
  • Price
    £5,300,000
  • Size
    134,219 sq ft
  • NIY
    7.50%
  • Cap val psf
    £39
  • Purchaser
    Kerax Holdings
  • Vendor
    Harworth Group Plc
  • Date
    Q2'23
  • Type of deal
    Investment
  • Address
    Trafford & Heywood Park
  • Price
    £480,000,000 (for both)
  • Size
    Conf
  • NIY
    4.64%
  • Cap val psf
    Conf
  • Purchaser
    Blackstone
  • Vendor
    Harbert
  • Date
    Q2'23
  • Type of deal
    Investment
  • Address
    Trafford & Heywood Park
  • Price
    £480,000,000
  • Size
    Conf sq ft
  • NIY
    4.64%
  • Cap val psf
    Conf
  • Purchaser
    Blackstone
  • Vendor
    Harbert
  • Date
    Q3'23
  • Type of deal
    Investment
  • Address
    Park Cakes, Pilsworth Road, Heywood, Greater Manchester, OL10 2TA
  • Price
    £8,400,000
  • Size
    84,679 sq ft
  • NIY
    5.20%
  • Cap val psf
    £99
  • Purchaser
    St Modwen
  • Vendor
    Christs Hospital
  • Date
    Q2'23
  • Type of deal
    Investment
  • Address
    Phase 1 & 2 Gorsey Point, Mersey Gateway, Widnes, WA8 0RP
  • Price
    £89,000,000
  • Size
    707,960 sq ft
  • NIY
    5.30%
  • Cap val psf
    £126
  • Purchaser
    Clarion Partners
  • Vendor
    Mirastar
  • Date
    Q3'23
  • Type of deal
    Investment
  • Address
    DHL, Global Logistics Airport City, Manchester WA15 0PT
  • Price
    £9,650,000
  • Size
    37,413 sq ft
  • NIY
    3.95%
  • Cap val psf
    £258
  • Purchaser
    DHL
  • Vendor
    Daily Mail Pension Fund
  • Date
    Q4'23
  • Type of deal
    Investment
  • Address
    Downing Street Industrial Estate, Charlton Place, Ardwick, Manchester, M12 6HH
  • Price
    £15,900,000
  • Size
    501,614 sq ft
  • NIY
    2.95%
  • Cap val psf
    £213
  • Purchaser
    Manchester City Council
  • Vendor
    AXA IM
  • Date
    Q4'23
  • Type of deal
    Investment
  • Address
    Ergo Park Middlewich, Pochin Way, Middlewich, CW10 0GY
  • Price
    £28,245,000
  • Size
    1,659,112 sq ft
  • NIY
    5.60%
  • Cap val psf
    £125
  • Purchaser
    Cabot Properties
  • Vendor
    Ergo Real Estate
  • Date
    Q4'23
  • Type of deal
    Investment
  • Address
    Warth Industrial Estate, Bury, BL9 9NB
  • Price
    £7,250,000
  • Size
    279,122 sq ft
  • NIY
    6.81%
  • Cap val psf
    £26
  • Purchaser
    Crown Oils Executive Pension Fund
  • Vendor
    St Modwen
  • Date
    Q2'23
  • Type of deal
    Leasing
  • Address
    Unit 3, Premier Park, Trafford Park
  • Grade
    B
  • Rent per sq ft
    £10.50
  • Size (sq ft)
    15,617
  • Lease (yrs)
    10
  • Landlord
    Lothbury
  • Tenant
    Edmonson Electrical
  • Date
    Q2'23
  • Type of deal
    Leasing
  • Address
    Q17, Crossley Road, Stockport
  • Grade
    A
  • Rent per sq ft
    £12.00
  • Size (sq ft)
    17,080
  • Lease (yrs)
    10
  • Landlord
    Quorum
  • Tenant
    Current Body
  • Date
    Q2'23
  • Type of deal
    Leasing
  • Address
    Unit 17, Gemini8, Warrington
  • Grade
    A
  • Rent per sq ft
    £13.50
  • Size (sq ft)
    3,894
  • Lease (yrs)
    10 (5)
  • Landlord
    Northwood
  • Tenant
    NEU Projects
  • Date
    Q2'23
  • Type of deal
    Leasing
  • Address
    Unit E2 Broadheath Network Centre
  • Grade
    A
  • Rent per sq ft
    £11.50
  • Size (sq ft)
    28,729
  • Lease (yrs)
    10
  • Landlord
    Network Space
  • Tenant
    Xpand Logistics
  • Date
    Q2'23
  • Type of deal
    Leasing
  • Address
    Unit 3 Omega South, Warrington
  • Grade
    A
  • Rent per sq ft
    £9.50
  • Size (sq ft)
    91,247
  • Lease (yrs)
    15 (10)
  • Landlord
    JP Morgan
  • Tenant
    Scientific Games Limited
  • Date
    Q2'23
  • Type of deal
    Leasing
  • Address
    Capitol Trading Park, Kirkby Bank Road, Knowsley Industrial Park, Knowsley
  • Grade
    B
  • Rent per sq ft
    £10.45
  • Size (sq ft)
    1,436
  • Lease (yrs)
    3 (2)
  • Landlord
    Flexspace
  • Tenant
    UK Rail Engineering Limited
  • Date
    Q2'23
  • Type of deal
    Leasing
  • Address
    Unit 8C, Stanley Green Trading Estate, Stockport
  • Grade
    A
  • Rent per sq ft
    £17.50
  • Size (sq ft)
    3,938
  • Lease (yrs)
    10 (5)
  • Landlord
    Schroders
  • Tenant
    Nexus Mingda Ltd
  • Date
    Q2'23
  • Type of deal
    Leasing
  • Address
    Unit 19, Gemini8 Business Park, Warrington
  • Grade
    A
  • Rent per sq ft
    £12.50
  • Size (sq ft)
    12,500
  • Lease (yrs)
    10
  • Landlord
    Northwood
  • Tenant
    NHS
  • Date
    Q2'23
  • Type of deal
    Leasing
  • Address
    Unit 5B, Stanley Green Trading Estate, Stockport
  • Grade
    A
  • Rent per sq ft
    £17.50
  • Size (sq ft)
    4,207
  • Lease (yrs)
    10 (5)
  • Landlord
    Schroders
  • Tenant
    Media Agency Group ltd
  • Date
    Q3'23
  • Type of deal
    Leasing
  • Address
    Unit 550 Metroplex Business Park Salford
  • Grade
    B
  • Rent per sq ft
    £14.00
  • Size (sq ft)
    6,156
  • Lease (yrs)
    10
  • Landlord
    Royal London
  • Tenant
    Confidential
  • Date
    Q3'23
  • Type of deal
    Leasing
  • Address
    K53 Acornfield Road
  • Grade
    A
  • Rent per sq ft
    £9.00
  • Size (sq ft)
    52,947
  • Lease (yrs)
    5
  • Landlord
    4th Industrial
  • Tenant
    Mac Logistics
  • Date
    Q3'23
  • Type of deal
    Leasing
  • Address
    Unit 2 Centenary Park Corona Way Salford
  • Grade
    B
  • Rent per sq ft
    £10.50
  • Size (sq ft)
    27,216
  • Lease (yrs)
    10 (5)
  • Landlord
    Duchy of Lancaster
  • Tenant
    M&I Materials
  • Date
    Q4'23
  • Type of deal
    Leasing
  • Address
    Solar 120, Europa Boulevard, Warrington, WA5 7FZ
  • Grade
    A
  • Rent per sq ft
    £8.50
  • Size (sq ft)
    120,511
  • Lease (yrs)
    10
  • Landlord
    CBREIM
  • Tenant
    John K Philips
  • Date
    Q4'23
  • Type of deal
    Leasing
  • Address
    Unit 4, Westbrook Park, Trafford Park
  • Grade
    B
  • Rent per sq ft
    £14.00
  • Size (sq ft)
    2,439
  • Lease (yrs)
    5
  • Landlord
    St Modwen
  • Tenant
    Confidential
  • Date
    Q4'23
  • Type of deal
    Leasing
  • Address
    Unit 1, Broadway Central, Oldham
  • Grade
    A
  • Rent per sq ft
    £12.00
  • Size (sq ft)
    27,106
  • Lease (yrs)
    15 (10)
  • Landlord
    Chancerygate
  • Tenant
    FMG RepServices Ltd